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Air Fare Hike: Air India’s aircraft is expected to increase air fares after accidental. The reason for this is that the insurance premium may increase after the risk on the aircraft increases.
There is a possibility of increasing air fare after the Air India accident.
Highlights
- Air India aircraft may increase air fare after aircraft crash.
- Increasing insurance premium possible to increase fares by 2-5%.
- Airlines companies will put the increased cost burden on customers.
New Delhi. After the Air India aircraft crashed, the air passengers are going to get another shock. Many airlines have proposed to increase fares. Narendra Bhaindwal, Chairman of the Insurance Brokers Association of India (IBAI), says that after the Air India aircraft crash, the premium of insurance companies may increase, which can also have a direct impact on air fare.
Experts in the aviation sector say that Air India has 34 Boeing 787 category aircraft and also ordered 20 other aircraft. Apart from this, SpiceJet also has 737 Max 8S. The premium of these aircraft can increase from $ 2.8 million to $ 5 million. It is obvious that this double bounce in the premium can also increase the fares.
How much can the fare increase
Other companies using Dreamliner Boeing aircraft including Air India can also increase their fares by 2 to 5 percent. Most of Air India aircraft are on lease, which can also increase their operating cost and that is why companies can increase their fares by 5 % in the coming time.
An accident increased the risk
The premium of insurance in the aviation industry depends on the assessment of the risk and the type of aircraft. Apart from this, the cost of premium depends on the history of safety features and accidents. The risk of this aircraft has also increased after Air India’s plane crash. Hitesh Girotra, the expert of Prudent Insurance Broker, says that after this incident, trouble with Boeing aircraft has increased.
Pramod Kumar Tiwari likes to cover the stock market, investment tips, tax and personal finance. Explains complex subjects very easily. In newspapers, dozens of columns have also been written on personal finance. Journalist …Read more
Pramod Kumar Tiwari likes to cover the stock market, investment tips, tax and personal finance. Explains complex subjects very easily. In newspapers, dozens of columns have also been written on personal finance. Journalist … Read more
